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Health & Fitness

Can I Buy A House After A Short Sale?

A homeowner's misconception is that they must wait before purchasing a home after following a short sale. Find out if you can buy now.

A misconception often thought by home buyers is that they must wait a long time before purchasing a home after they’ve gone through a short sale. More and more, a short sale is considered almost the same as a foreclosure in today’s world. With a large percentage of homeowners upside down on their home payments, only a minority who would settle for a short sale would have destroyed credit. It’s an assumption that you have to endure a two to seven year waiting period, and this could potentially be harmful information to the homeowner during a short sale.

Here are three tips that can help you buy a home quicker than you ever imagined after you’ve gone through a short sale.

#1: You could be good to go right now. If you have a very sharp real estate agent who knows their way around short sales, and if you weren’t delinquent on your mortgage at the closing of your short sale, there’s a good chance you’re ready to buy a home now. No matter what you’ve heard or read. Talk with your realtor today to find out.

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#2: If your mortgage and debts have been kept current for the last 12 months, you can qualify immediately. It’s true. If you have simply kept your mortgage payments and all installment debts current for the past 12 months leading up to your short sale, you qualify immediately for a FHA, VA, or USDA home loan. Right after your short sale, you can get a new home loan.

#3: You DON’T have to be delinquent to qualify. Average realtors might tell you that you have to be delinquent on your last payments in order to qualify.  That’s simply not true anymore. You don’t have to “demonstrate a hardship” in that way. Banks nowadays will understand that you simply can’t qualify for a refinance, and allow a short sale for that reason.

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Have you just realized you can buy a home after a short sale without any waiting period? It’s true. Find out more and get started looking for your new home with the right team of Realtors.

 

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